Here it is: http://local.live.com

Check out some cool bird's eye images:
- Space Needle
- Microsoft campus.

[Update - Dec 8, 11 PM] It turns out that the service is not exposed to the public yet.  Funny enough, it works fine from my dev box, but not from my home computer. Maybe they block all the non-Microsoft IP adresses?

Infoworld says:

Beta 2 of the search service will go live at 9:01 a.m. Pacific Standard Time Thursday at http://local.live.com, according to Microsoft. The beta includes the rebranding of the service and new zoom and "bird's eye" features to the service's satellite imagery, as reported by the IDG News Service Tuesday

[Update - Dec 9, 12 AM] Live.com is now fully launched! (nine hours earlier). Or maybe it was launched all the time and I had a minor glitch on my network and I couldn't see it previously...